Sony expects $489 million loss this fiscal

Sony is expecting a 489 million dollars loss this year, the Japanese tech giant has warned.

The company said it would spend money restructuring its business this year.

According to CNET, the PlayStation-maker, which is one of the biggest tech companies in the world, has seen its profits fall in recent years by competitors such as Samsung and Apple.

Sony said it expects to post of a loss of 50 billion yen, roughly 489.5 million dollars, in the current fiscal year.

Sony's CFO Kenichiro Yoshida said the company would make this a year of biting the bullet on restructuring.

A recent report suggested Sony would stop production of commercial OLED TVs, to focus on 4K panels.